What's the biggest first home buyer hurdle? Your deposit

What's stopping you from buying your first home? We recently asked you this question in a property guide for first home buyers.

While 25% in the informal poll thought it was too expensive to buy anything at the moment, a whopping 58% said "I don't have enough funds for a deposit".

Only 8% said they had not been able to get pre-approval for a loan while another 8% "don't like the ones I can afford so I am waiting to be able to buy a better property".

To add to the strife of those held back by deposit issues, some mining towns have been listed as credit risk areas.

For example, the NAB recently announced their decision to change their 10% deposit requirement to 30% in Gladstone which made its list of 40 "Group A restricted postcodes".

It puts Gladstone among a list of Queensland "mining towns" such as Emerald, Blackwater, Mackay and Moranbah now known as "areas where significant deterioration in credit risk has been observed".

With lenders increasing their deposit requirements, the future looks bleak for first home buyers who already have challenges putting a 10% deposit together. Based on the poll, it will be highly unlikely that the banks demanding high deposits will see the business from 80% of first home buyers.

But the NAB isn't alone. It follows ANZ bank which, in July this year, also changed its policy, demanding all buyers cough up a 30% deposit for a mortgage. The decision has left readers less than impressed.

If I had $135,000 as my deposit, I would buy a $1.3 million mansion on the Gold Coast where they still accept 10% deposits

Terri Samuel is in the market for buying a home and said she was shocked when she found out how much money she needed for a deposit.

"How on earth is anyone going to buy a house when they need a deposit like that ($135,000) ... If I had $135,000 as my deposit, I would buy a $1.3 million mansion on the Gold Coast where they still accept 10% deposits," she wrote.

Another reader, Joshua Thompson said that it doesn't just put you off; it puts you out of the market. "By the time anyone with a real job saves that kind of cash the median house price would've risen a further few percent so you can add more on top of that."

Reader poll

If you were asked for a 30% home deposit, what would you do?

This poll ended on 14 October 2015.

Current Results

What else? Take my business to another bank which only needs 10%

72%

I’ll be forced to buy out of town

5%

I’ll put off buying a house until I can afford the deposit

22%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Looking to buy a house with a deposit for less than $40,000?*

Here are some options to start you off.

This home has an ocean view and great facilities like a swimming pool and playground. Click here or image to view this property.

This home is filled with light and features an open-plan living area leading out to a wide undercover timber deck which looks out to the absolutely spectacular mountain views. Click here or image to view this property.

If you love Queenslanders, this pre-war home features tongue and groove timber walls and decorative fretwork bringing nostalgic feelings of an era bygone. Wait until you see the swimming pool in the back. Click here or image to view this property.

This spacious family home will tick all your boxes. It has a glistening in-ground pool, two outdoor entertainment areas, three large bedrooms upstairs, a bar downstairs, rumpus room and more. Click here or image to view this property.